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I referred to this Building Oblivion thread during my learning process (and TESCosi), but didn't want as many mods as he had listed, so I will try to build off of it while simplifying.
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First, make sure Steam is installed in a new folder like C:\Games rather than program files, you can move it by deleting everything in the Steam folder except the Steam.exe and the Steamapps folder, then run Steam.exe and repatch. Installed Oblivion to C:\Games\Steam\.....Oblivion.

Next, download 7-Zip as you'll be using it to unpack/repack some of the mods. As mentioned in the Building Oblivion thread, you want all of the mod archives to contain the textures/meshes in the root directory, rather than two or three folders deep.

Also, to make use of the in-game console, press ~ key. Enter "Setdebugtext 12" for an FPS counter, "Setdebugtext 13" for fps with vram usage. Enter "tdt" to display or hide debugtext.

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I recommend running the game once before any mods, once after Unofficial Patches, again after OBSE and OBGE are installed, then periodically during installing the rest of the mods.

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Mod Installers/Managers:Wrye Bash Standalone Version. Installs mods in archive form such as .7z, .zip, .rar.
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This program isn't as intimidating as it looks.

The main focus is the Installers tab, right-click each mod to use Install or Wizard for the mods that have a wand icon indicating a built in installation wizard. Arrange the mods in this tab as they are listed below, with mods at the bottom of the list installed last and overwriting mods above it when applicable.

Mods tab is for ordering and activating mods. Activate all that you plan to use, Click Boss to sort them, then right-click the Bashed Patch and Rebuild Patch, this merges some of the .esp files into one single .esp so Oblivion has less to load.
-------------------Oblivion Mod Manager Installs mods saved as .Omod's. Simply right-click each one to activate.BOSS Plugs in to Wrye Bash to sort the order Oblivion loads your mods.

Download the 4gb Patch to allow Oblivion to take advantage of more than 2gb of RAM. Apply to oblivion.exe. Note: This will require you to run Steam in offline mode, as each time you run online mode it will more than likely replace the .exe, and you'll probably have to repatch it.

Supplemental Mods:Oblivion Script Extender Allows for and launches more complex mods.OBGE Updated shaders for water reflections, anti-aliasing, depth of field, etc. (I use MDLAA and CrysisDoF with Oblivion's default HDR) Make sure the Oblivion Graphics Extender Support Plugin is not selected anytime you build your Bashed Patch.TES4LODGen You'll want to run this after installing graphical mods so that distant terrain matches your updates (ie. You don't want the ugly old textures loading in the distance, then you approach them and suddenly the shiny new and completely different textures pop up in their place.) Not really necessary during the install/testing phase, but rerun it later whenever you add new mods or Frostcrag Spire disappears off it's mountaintop for no reason.Oblivion Stutter Remover. Helps Oblivions loading and optimization processes. See ini settings below.Fast Exit Keeps the game from freezing on exit.

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Now to the addons, to be downloaded into the c:\games\steam\steamapps\common\oblivion mods\Bash Installers folder for archives, or ...oblivion/obmm/mods for .omods.

-World/Environment Mods-
Qarl's Texture Pack - See Below for detailed instructions.
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Loosely following the Building Oblivion guide, the reason this is somewhat complicated is because the full version of Qarl's Texture Pack is too large even for people running dual 1gig video cards. The texture pack we're building is a reduced and optimized version of Qarls so it doesn't take up so much Vram, which leaves more for the other mods installed later.

The texture pack format as shown in the other thread (create a .7z file with the following subfolders):

With this pack, when you install in Wrye Bash, you check the boxes to install 00 and 01 if you have 1gig or more of video ram, check 00-03 for <1gig (This is what I went with even with the 1gb on my Radeon 5830), or check 00-05 to install all of them, reducing the majority of the large files with smaller ones for <500meg video cards.

To create this pack, download the following (moving all readme's to a common Doc's folder):

-Weather - All Natural-Weather - All Natural Adds weather effects, changes lighting to actually require a source of light, and works with Immersive Interiors for indoor weather effects.Immersive Interiors Great mod that lets you see out of the windows of the buildings and hear the weather outside.Animated Window Lighting Lights up exterior windows at night/during rain and adds chimney smoke.

Bumping this since so many people have been asking lately. Due to the age of alot of the mods, many won't install correctly with Nexus Mod Manager, so you'll have to take a bit of time to learn how to use Wrye Bash.

I never messed with the ENB series, though there are some ENB shaders in OBGE. I've adjusted color/saturation/contrast to my liking with the radeon options in the desktop, then use depth of field and mdlaa through OBGE.